DOWNTOWN LOS ANGELES — Two California Plaza, a defining office tower of the 1980s Downtown Los Angeles building boom that sagged when its former owner encountered financial trouble, has been sold.
Los Angeles based-CIM Group this morning announced that it has acquired the 52-story edifice at 350 S. Grand Ave. from CW Capital Asset Management. It was part of a seven-asset portfolio that includes properties in California and Maryland.
No price for the purchase was provided in a prepared statement.
CIM has an extensive history in Downtown. The firm brought the Ralphs supermarket to the area in 2007 as part of its Gas Company Lofts. It was also on the cutting edge of the housing boom, opening the condominium project the Flower Street Lofts back in 2003.
Two Cal Plaza had long been owned by Maguire Thomas Properties, and the 52-story steel and glass tower, paired with the neighboring One Cal Plaza, was a beacon for the emerging Bunker Hill. The structure has 1.2 million square feet of office space and 44,000 square feet of retail space. It also shares a food court and the Cal Plaza Watercourt with One Cal Plaza.
The property dipped during the last decade when MPG Office Trust, a successor to Maguire Thomas Properties (after firm founder Robert F. Maguire and James Thomas split), encountered financial troubles. In 2011, MPG defaulted on its $470 million loan on the building. The following year it was placed in receivership and taken over by CW Capital. In March 2012, CW Capital announced plans to invest in the property. At the time the structure was about 80% occupied.
CIM Group was founded in 1994. Among its many other properties are the Hollywood & Highland complex.
Copyright 2014 Los Angeles Downtown News
A previous version of this story incorrectly said the tower had been developed by Maguire Thomas Properties. The firm actually acquired the property later.